Mako completes Goldsource Mines buy
Gold mining company Mako has completed its previously announced acquisition of Goldsource. As a result of the transaction, Mako now owns the Eagle Mountain gold project, in Guyana.
The Goldsource shares are expected to be delisted from the TSX-V.
The combined company will bring together an experienced management team, proven in the construction and operation of scalable mines with low capital intensity profiles, and who have discovered new precious metal deposits across multiple jurisdictions over the last two decades.
Mako is now led by Eric Fier, former executive chairperson of Goldsource, as nonexecutive chairperson, and includes John Hick, Mario Caron, John Pontius and Laurie Gaborit as independent directors, and Akiba Leisman and Paul Jacobi as non-independent directors.
Leisman will continue in his role as CEO of Mako.
The January preliminary economic assessment for Eagle Mountain demonstrated potential for robust economics via a phased development plan with an after-tax internal rate of return of 57% and an after-tax net present value, discounted at 5%, of $ 292 million at S$1 850/oz. The shallow openpit plan with an anticipated 15-year mine life is well suited for Mako’s operating team.
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